Who is responsible for setting monetary policy in the United States? How is this group chosen?
1/11/16 EconomicsStudy of Interaction of human beings, decisions made at individual level vs society’s level. Individual Decisions 1. 1 Basic Principle of Economics Resources Are Scarce If resources are scarce, what does that mean to the consumer AKA we can’t always get what we want. Scarcity is a consequence of resources being scarce nd 2. 2 Basic Principle of EconomicsThere is an Opportunity Cost for every decision we make. Highest Value what is forgone in making any choice. Same as Micro Two Types of Costs 3. Explicit VS. Implicit 4. ExplicitThe price of gas, the amount of wages I sacrificed in order to come to this class. Also called Accounting Costs 5. ImplicitSomething you can’t put